13 Aug Purchasing a Second Home (right after the first one)
Background: Purchased my first property back in March of this year, currently using it as a rental make about 60 bucks a month from it. Pretty much just collecting equity.
I’m now wanting to purchase a home for my grandmother, I would have her move into the rental but it sits in quite a bit of land and she’s getting too old for all of that. Looking to purchase something smaller and probably a little cheaper, putting at least 20% down.
My main question is how financing would work considering I just purchased a home. My income alone wouldn’t support two mortgages, however since the first one is a rental would it still be considered in my DTI? Or would I have to wait until I’ve filed taxes for a couple of years to show that income?